Ecobank reports 21% increase in profit to N9.77bn in 2021

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By Philemon Adedeji

Ecobank has released its audited financial statement for the full year ended 31, December 2021, reporting 21 per cent increase in profit which grew significantly from N8.087 billion in the corresponding period of 2020 to N9.77 billion in the previous year of 2021.

From the presentation statement on the Nigerian Exchange Limited (NGX), profit before income tax recorded for the period moved higher to a 24 per cent to N10.67 billion in full year of 2021 from N 8.639 billion in the full year of 2020.

The group recorded gross earnings which rose significantly to a 3.5 per cent from N158.75 billion in 2020 to N164.3 billion in 2021.

The breakdown of the financial statement released indicates the net fee and commission income which appreciated by 78 per cent from N7.05 billion in corresponding period of 2020 to N12.53 billion reported in the previous year, While net interest in come declined by 33 per cent from N60.67 billion in 2020 to N40.78 billion declared in 2021.

Also net operating income depreciated by 9 per cent from N92.7 billion generated in full year of 2020 to N83.91 billion generated in full year of 2021.

The group reported earnings per share for the period which gained a 24 per cent from 29 kobo in twelve months of 2020 to 36 kobo in twelve months of 2021. In the audited financial statement released, Ecobank recorded a strong total assets as growth and total liabilities.

The group total assets moved higher during the period to a 13 per cent to N2.475 billion in twelve months of 2021 from N1.186 billion in twelve months of 2020 audited result and account for the period ended 31, December 2021.

As total liabilities gained to a 16 per cent from N1. 887 billion in 2020 to N2.196 billion in 2021, While total equity went down by 7 per cent from N 298.7 billion in 2020 to N278.8 billion in 2021.

The group also increase its deposits from customers by a 18 per cent to N1.675 trillion in twelve months of 2021 from N1.416 trillion in twelve months of 2020. The percentage increase of customers deposit indicates that the bank has made significant progress in deposit. While, deposits from bank dropped by 27 per cent from N254.4 billion in 2020 to N184.9 billion in 2021.